Latest Life Insurance Headlines
All the headlines from our Life Insurance Topic Page, ordered by recency.
AM Best Maintains Negative Outlook on UK Non-Life Insurance Market
Apr 9 2021 // AM Best is maintaining a negative market segment outlook on the United Kingdom non-life insurance segment, citing economic uncertainty as a key headwind for UK non-life insurers. In addition, COVID-19-related lockdown...
Australia’s Regulator Weighs Limits on Life Insurers’ Exposure to Offshore Reinsurance
Apr 8 2021 // Australia’s insurance regulator on Thursday proposed to limit the exposure of life insurers to offshore reinsurers, given its lack of oversight of foreign players. The Australian Prudential Regulation Authority...
AIA Group to Buy Life Insurance Business of Bank of East Asia
Mar 24 2021 // Hong Kong-based insurer AIA Group has entered into an agreement to buy the wholly-owned life insurance unit of Bank of East Asia (BEA) and has signed a 15-year distribution partnership with the lender for a total of about...
The Hartford Q4 Profit Dips Slightly on COVID Life Insurance Claims
Feb 5 2021 // Fourth quarter profit at The Hartford dipped slightly due in part to COVID-related group life insurance claims. Fourth quarter 2020 net income came in at $532 million, down 2% from fourth quarter 2019. Fourth quarter...
Allstate to Sell Life Insurance Company to Blackstone for $2.8B to Grow in P/C
Jan 27 2021 // The Allstate Corp. is selling Allstate Life Insurance Co. to entities managed by investment firm Blackstone for $2.8 billion. Explaining the move from Allstate’s perspective, Allstate CEO Tom Wilson referred to a...
Federal Reserve Raises Questions Over Life Insurers’ Risk of Coronavirus Claims
Nov 17 2020 // U.S. life insurers face questions about their ability to cover a sudden rush of claims after the Federal Reserve highlighted liquidity and leverage risks in a report this week. Issues the Fed focused on are not new: Life...
Home, Pet Insurer Lemonade Bypasses Auto in Favor of Life… for Now
Nov 13 2020 // Lemonade plans to start selling term life insurance in the next 90 days, adding to its current rental, homeowners and pet insurance offerings, the company said in an earnings report this week. During an investor conference...
Threat of U.S. Insurance Regulatory Crackdown Fades Without Democratic ‘Blue Wave’
Nov 5 2020 // Insurers appear to have dodged a revival of strict regulations and policy upheavals after an anticipated Democratic “Blue Wave,” which would have allowed progressives to push for broad reforms, failed to...
AIG Names Zaffino to Succeed Duperreault as CEO; Will Spin Off Life Insurance Business
Oct 26 2020 // American International Group has disclosed significant leadership changes as well as plans to separate its Life & Retirement business into an independent company. Peter Zaffino, currently AIG’s president and...
Talanx Acquires Italian Non-Life Insurer Amissima
Oct 22 2020 // The Talanx Group, the Hanover, Germany-based insurance group, announced it is expanding its business in Italy by making a bolt-on acquisition, via its Italian subsidiary. HDI Assicurazioni, a subsidiary of HDI...
Progressive CEO Says Move Into Life Insurance Possible: ‘More to Come’
Oct 7 2020 // Progressive Corp. could soon expand its horizons into life insurance. “We actually are considering that,” Chief Executive Officer Tricia Griffith said when asked about a possible move. “We have a...
India Weighs Sale of 25% Stake in Nation’s Biggest Life Insurer
Sep 30 2020 // India is planning to seek cabinet’s approval to sell 25% stake in the nation’s largest life insurer, people with knowledge of the matter said, as Prime Minister Narendra Modi seeks resources to plug a widening...
COVID-19 Takes Toll on Canada’s Auto, Life Insurers
Sep 10 2020 // Canada’s property/casualty insurance industry thus far has fared better than its life counterpart amid the economic and market dynamics created by the COVID-19 pandemic, according to an AM Best report. In its...
North Carolina Fines Gerber Life Insurance Co. $1.1 million for Claims Violations
Aug 28 2020 // The North Carolina Department of Insurance has entered into a voluntary settlement agreement with Gerber Life Insurance Company that includes a $1.1 million penalty for numerous violations related to its claims practices...
Allianz Benelux Sells Closed Life Insurance Book to Monument Assurance Belgium
Aug 18 2020 // Allianz Benelux in Belgium reported it will transfer a closed book of life retail insurance business together with 4.500 mortgage loans to Monument Assurance Belgium (MAB) within 18 months after regulatory approvals. The...
Canadian Life Insurers to See Double-Digit Profit Drop in Q2 on COVID-19 Impact
Jul 31 2020 // Canadian life insurers are set to see double-digit earnings decreases in the second quarter as the pandemic-induced economic slowdown has ushered in decade-low interest rates and weighed on sales. Analysts predict declines...
Credit Scoring Battle Brewing Between Washington Commissioner and Insurer Groups
Jul 27 2020 // Insurer groups are taking issue with push by Washington Insurance Commissioner Mike Kreidler to prohibit insurers from including information from consumer credit histories in the insurance scores used to calculate premiums...
New York Insurance Broker Arrested, Charged in $1M Fraud Scheme
Jun 30 2020 // A New York state insurance broker has been arrested and charged with wire fraud, attempted wire fraud and aggravated identity theft and is facing a maximum penalty of 20 years in prison. U.S. Attorney James P. Kennedy Jr....
North Carolina-Based BB&T Rebrands as Truist Insurance Holdings
Jun 30 2020 // BB&T Insurance Holdings, Inc., a subsidiary of Truist Bank, is officially now doing business as Truist Insurance Holdings, Inc. With $30 billion in premium in 2019, Truist Insurance Holdings is the fifth-largest...
Swiss Re-Backed Nigerian Life Insurer Sees Sales Surge as Pandemic Starts Taking Hold
Jun 16 2020 // Nigeria’s biggest insurer is seeing more demand from the government and employers of health workers for life cover as the coronavirus pandemic starts taking hold in Africa’s most populous country. “Health...
